New from Prudential: Level Term Life to Age 65

Underwriting is the process that describes how a customer is reviewed, evaluated, approved, rejected or modified for an insurance policy. According to the WebCE, underwriting factors will determine the life insurance premiums. These factors include safe driving, health conditions and age.

The underwriting process begins with the application that includes the following:

Personal Information:

-Name, address, phone, marital status, etc

-Business occupation

-Dangerous hobbies or volunteer activities

-Annual income and the amount of coverage that you are requesting

-Medical Information

-Medications

-Specific questions on alcohol, tobacco and drug use

-Medical conditions

-Surgeries and hospitalizations

Physical Examination:

-Detailed family medical history

-Blood pressure checked

-Eyes, ears, and listening to heart

-Urine sample

-Blood sample

-Additional tests if warranted such as cognitive tests for dementia

The reviewer may request a statement from an attending physician, which is used to find out more about a specific medical condition. The insurance agent must also include a statement that provides applicant information. The application must be signed. Generally, the applicant provides an initial premium payment, which can be conditional depending on the underwriting process.

Investigative consumer reports provide information that may be used to find out more about the lifestyle of the applicant. However, the applicant must be informed of the procedure and provided with those contacted. The Medical Information Bureau is another source that underwriters use to determine eligibility.

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